September

DTT comments on Improvements exposure draft

15 Sep 2002

We have posted the Deloitte Touche Tohmatsu to IASB on the Improvements Exposure Draft (PDF 171k). .

We have posted the Deloitte Touche Tohmatsu to IASB on the Improvements Exposure Draft (PDF 171k).

New IASC Foundation trustee from Japan

12 Sep 2002

Toru Hashimoto of Japan has been appointed as an at-large Trustee of the IASC Foundation (IASB's oversight body), replacing Toshikatsu Fukuma, who had resigned in June 2002. Mr.

Hashimoto is former chairman of Fuji Bank and a director of several Japanese and international business organisations. Press Release (PDF 19k).

Financial Stability Forum urges stronger accounting

07 Sep 2002

At its meeting in Toronto, the Financial Stability Forum (FSF) identified five areas of weakness in the international financial system: corporate governance, international accounting standards, auditing standards and practices, disclosure, and policies and procedures of credit rating agencies.

Regarding international accounting standards, the FSF concluded:

Accounting treatment of consolidated entities, revenue recognition and equity-based remuneration has been a key issue in the current undermining of confidence. The FSF calls upon national and international standard setters to accelerate their efforts at developing more comparable, accurate and transparent ways of accounting for these in financial statements; to improve international accounting standards; and to bring about greater international convergence on principles-based standards.
Go to Report of FSF or to Financial Stability Forum Website.

 

International auditing pronouncements to be available without charge

06 Sep 2002

The International Auditing and Assurance Standards Board has agreed that all of its final pronouncements (International Standards on Auditing and International Auditing Practice Statements) will be available without charge electronically through its Website effective 1 January 2003. Click for More Information about the IAASB. .

The International Auditing and Assurance Standards Board has agreed that all of its final pronouncements (International Standards on Auditing and International Auditing Practice Statements) will be available without charge electronically through its Website effective 1 January 2003. Click for More Information about the IAASB.

Hong Kong proposes to adopt IAS 32 and IAS 39 in full

04 Sep 2002

The Hong Kong Society of Accountants plans to adopt IAS 32 and IAS 39 (financial instruments) in their entirety as Hong Kong Statements of Standard Accounting Practice, including the amendments recently proposed by the IASB.

The IASB's IAS 39 implementation guidance would also be adopted as Hong Kong guidance. For details, see Hong Kong GAAP Update No. 18, Proposed SSAPs on Financial Instruments.

 

Updated IAS presentation and disclosure checklist

04 Sep 2002

We have posted an updated version of our IAS Presentation and Disclosure Checklist.

It reflects all IAS through IAS 41 and Interpretations through SIC 33.

UK government is considering extending the applicability of IAS

03 Sep 2002

The United Kingdom Department of Trade and Industry has issued a consultation paper asking whether the EU requirement that listed companies follow IAS in their consolidated financial statements starting in 2005 should be extended to non-listed companies and/or to individual company (non-consolidated) financial statements.

Such extension might be on a voluntary basis or a compulsory basis. The consultation also asks whether UK companies that only have publicly traded debt (not equity) should be given until 2007 to adopt IAS (the EU regulation allows member States to grant such a two-year extension). Click here to (PDF 537k). Comments are due 26 November 2002. Click to go to DTI Website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.